Why Chainlink Soared More Than 11% Today – Motley Fool

Returns as of 11/11/2021
Returns as of 11/11/2021
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Chainlink (CRYPTO:LINK), an oracle network used to support the integration of off-chain and on-chain data, has been making headlines of late. Indeed, the requirement many decentralized finance (DeFi) projects have to integrate blockchain technologies with off-chain data sources is growing. And Chainlink is a leading protocol allowing for the smooth integration of the real world and the digital world.
Recent news that Saber, an automated market maker on the¬†Solana¬†(CRYPTO:SOL) blockchain, would be using Chainlink price feeds for reliable order prices is big news. Accordingly, investors bullish on the upside the Solana network provides appear to be gravitating toward Chainlink’s utility as an oracle network in this case.
Today, SOL is trading down around 3%, while LINK is currently more than 4% higher, giving up some of its earlier gains.
Image source: Getty Images.
The ability for decentralized applications (dApps) to utilize off-blockchain data is essential to the growth of the DeFi space. However, outside of Chainlink and a few other oracle networks, this isn’t entirely feasible.
Investors in LINK often point to the utility this network provides to developers and users as a reason for investing in this token long-term. As the network effects of decentralized applications grow, investors hope to benefit from the rising value Chainlink provides, as reflected in the price of LINK.
Chainlink has been widely viewed as one of the most stable, secure, and reliable price oracles in the market. Accordingly, LINK is a token that has continued to pick up momentum, particularly on big news items like this.
Cryptocurrency investors thinking about the future of where cryptocurrencies and blockchain networks are headed may want to consider Chainlink. This oracle network provides a real-world use case that’s been difficult to replicate. In many respects, Chainlink is a leader in this regard.
Should additional partnerships and use cases be identified, expectations are that LINK could continue to appreciate in value, in lockstep with the broader DeFi space. Accordingly, this is a token on my watch list right now.

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